Economy
Onitsha Shoprite Idles Away
It was set up to compete with other shopping malls in Awka and Nnewi. But the shopping mall in Onitsha, housing Shoprite is not being patronised. Reason? The people have so many markets that offer cheaper prices as Okegwo Kenechukwu in Onitsha, reports,
In fairness to the former Governor of Anambra State, Mr Peter Obi, there was no doubt that he had the desire to make Anambra State a megacity to reckon with in Nigeria and beyond.
To some people, he was the Messiah who turned the fortune of the state around but to some, Obi came on a business voyage with an overriding interest to explore and exploit all avenues of untapped mineral and material resources of the state.
Among the enterprise of the former governor that are visible are the Sab Milla Breweries, makers of Hero beer, the non-functioning Orient Petroleum Resources and the Shopping Mall complexes sited in the three business zones of Awka, Onitsha and Nnewi. Although, the Orient Petroleum Resources in Umuoba Anam in Anambra West and Ayamelum Area is yet to commence production, over 85 per cent of the people of South East hailed the venture because it launched the state into the membership of oil producing states in Nigeria but since the completion and commissioning of the shopping mall in Onitsha on April 14 , 2016, by the present Governor of the state, Chief Willie Obiano, the Shoprite, which people thought would dwarf others in the South East zone has remained deserted, contrary to the expectation of the people.
This, according to inhabitants of the commercial city was because it was a misplaced economic venture.
Investigation has also shown that while the ones in Awka and Nnewi are at different stages of activities, that of Onitsha has remained deserted and a ghost of itself Onitsha Shopping Mall, according to them was located at the former Anambra Broadcasting Service (ABS) Station office in Onitsha, inside the heart land of the commercial city to draw the expected customers that would patronize it to stand the test of time from within and around the city.
Investigation revealed that so many reasons have been adduced for the poor patronage of the business, while some believed that the location of the mall was ab initio, a subject of controversy between the people of Onitsha and Anambra State government on one side and the ABS on the other. Some alleged that the Onitsha people leased the land to the then Anambra State when one Chief Boniface Offorkaja was the General Manager of the Anambra Broadcasting Corporation in the early 1980s and as such, was a subject of controversy.
Meanwhile, a random opinion conducted by our correspondent showed that most people in the commercial city have little or no time to go to the mall for shopping which according to them was luxury for the wealthy people and not the lower income earners and business men. “Oga, that thing no go work for Onitsha oh.
Who get time to go there to buy tomatoes or yam when you can pick it in Ose Okwuodu market at a cheaper price? They are just wasting their time. For me, I will not even go there unless I am going for site seeing” “Well, I think the idea of citing a shopping mall in the city is a wise one and a step in right direction”, said another trader “but my fear was that it may not survive competition.
You see Onitsha is a commercial city and everywhere in and around the town, you find open one market or the other. There is nothing you can find in that place that you cannot find along the street of Onitsha, even at a cheaper rate,” said a trader in the city.
“Another one is the level of literacy in the commercial city” a commercial motorcyclist said. “Most of the people here are traders that deal with one good or the other. They have all varieties of the commodity around them.
“There are no universities or other higher institutions either from where the students can come to make shopping like that one in Enugu State and the level of government institutions in Onitsha is quite low. I doubt if it will survive.” However the general opinion about the Shoprite is that the apathy already shown by the people and the investment made by the owners of the Shoprite could have been channelled into other ventures.
Source: https://newtelegraphonline.com/onitsha-shoprite-idles-away/
By Adedapo Adesanya
The Nigeria Revenue Service (NRS) has unveiled a unified Taxpayer Identification (Tax ID) system for all taxable persons across the country as part of efforts to strengthen tax administration and improve transparency.
The agency announced the development in a public notice issued jointly with the Joint Revenue Board (JRB) on Monday.
According to the notice, the initiative is backed by Sections 6, 7, and 8 of the Nigeria Tax Administration Act, 2025, which mandate every taxable person in Nigeria to obtain a Tax ID, in a wider move to expand the country’s tax base.
The NRS said the new framework is designed to create a centralised and harmonised taxpayer database that would enhance interactions between taxpayers and revenue authorities at both federal and sub-national levels.
“The Tax ID will serve as a single, unified identity for all taxpayers, enabling seamless interaction with tax authorities at both federal and sub-national levels. It is designed to consolidate taxpayer records, eliminate duplication, and ensure more efficient management of tax-related information,” the agency stated.
The revenue agency explained that the new system would simplify tax compliance procedures, including taxpayer registration, filing of returns, and payment processes.
According to the NRS, the framework is also expected to improve accountability and reduce leakages in tax collection by creating better visibility and tracking of taxpayer information nationwide.
“The initiative will simplify tax compliance processes, including registration, tax filing, and payment procedures. The system will improve transparency by enabling better visibility and tracking of taxpayer records while reducing leakages and improving accountability in tax collection. The framework will also harmonise taxpayer information across all levels of government,” the notice added.
The agency further disclosed that the new Tax ID system would replace the existing Tax Identification Number (TIN) Validation API currently used by Ministries, Departments and Agencies (MDAs), financial institutions, and other organisations for taxpayer verification.
By Adedapo Adesanya
Three bellwether stocks weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.31 per cent on Monday, May 18.
This brought the NASD Unlisted Security Index (NSI) by 54.71 points to 4,133.70 points from 4,188.41 points, and shrank the market capitalisation by N32.73 billion to N2.473 trillion from N2.506 trillion.
Yesterday, FrieslandCampina Wamco Plc contracted by N12.45 to sell at N146.55 per share compared with last Friday’s closing price of N159.00 per share, Central Securities and Clearing System (CSCS) Plc declined by N2.34 to N70.00 per unit from N72.34 per unit, and NASD Plc lost 50 Kobo to trade at N34.50 per share versus N35.00 per share.
The trio overpowered the N5.56 gained Newrest Asl Plc. This stock ended the trading session at N61.15 per unit, in contrast to the previous session’s N55.59 per unit.
During the trading day, the volume of securities traded by investors slid by 56.1 per cent to 514,142 units from 1.2 million units, and the value of securities dropped 29.8 per cent to close at N17.4 million versus N29.8 million, while the number of deals jumped 12.5 per cent to 27 deals from 24 deals.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 60.8 million units exchanged for N4.1 billion, and Okitipupa Plc with 27.9 million units traded for N1.9 billion.
GNI Plc also ended the day as the most traded stock by volume on a year-to-date basis with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units transacted for N1.2 billion.
By Adedapo Adesanya
It was a horrible day for the Nigerian Naira in the different segments of the foreign exchange (FX) market on Monday, May 15, as its value further weakened against the United States Dollar.
In the black market window, the Naira lost N5 against the Dollar yesterday to sell for N1,390/$1 compared with the previous value of N1,385/$1, but at the GTBank forex counter, it remained unchanged at N1,383/$1.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), the Nigerian currency depreciated against the greenback by N2.66 or 0.19 per cent to sell for N1,373.70/$1 compared to last Friday’s rate of N1,371.04/$1.
Equally, it fell against the Pound Sterling in the same market segment by N9.05 to trade at N1,839.66/£1 versus N1,830.61/£1, and lost N5.42 on the Euro to close at N1,600.49/€1 versus N1,595.07/€1.
The performance of the local currency during the session indicates early worries despite all signals pointing to stability, amid improved Dollar sales by the Central Bank of Nigeria (CBN), with steady, higher oil receipts to bolster the nation’s reserves.
Activity at the market showed that turnover rose 57.3 per cent to $76.29 million on Monday from $48.49 million posted on Friday.
Over the weekend, S&P raised Nigeria’s credit ratings for the first time since 2012 and highlighted improved FX market liquidity and $10 billion turnover recorded in April 2026 as one of the major gains of the CBN-led FX reforms.
The agency said the liberalisation of the exchange rate has bolstered access to foreign currency and enabled a market-driven exchange-rate environment while supporting investor and consumer confidence.
Meanwhile, the cryptocurrency market was bullish on Monday as investors monitored developments in the Iran conflict and weighed the impact of surging oil prices on inflation and US interest-rate expectations.
Ethereum (ETH) gained 0.7 per cent to trade at $2,134.10, Cardano (ADA) rose by 0.6 per cent to $0.2515, Solana (SOL) expanded by 0.3 per cent to $85.11, Binance Coin (BNB) jumped 0.2 per cent to $643.29, TRON (TRX) increased by 0.03 per cent to $0.3565, and Bitcoin (BTC) advanced by 0.02 per cent to $76,912.12.
On the flip side, Dogecoin (DOGE) slid by 1.5 per cent to $0.1044, and Ripple (XRP) decreased by 0.5 per cent to $1.38, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.
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